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Residential Mortgage Loans Held in Securitization Trusts, Net and Real Estate Owned | 6 Months Ended
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Jun. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
Residential Mortgage Loans Held in Securitization Trusts, Net and Real Estate Owned | Residential Mortgage Loans Held in Securitization Trusts, Net and Real Estate Owned Residential mortgage loans held in securitization trusts, net consist of the following as of June 30, 2018 and December 31, 2017, respectively (dollar amounts in thousands):
| June 30, 2018 |  | December 31, 2017
Unpaid principal balance | $ | 69,451 |  |  | $ | 77,519 |
Deferred origination costs – net | 440 |  |  | 492 |
Reserve for loan losses | (3,844 | ) |  | (4,191 | )
Total | $ | 66,047 |  |  | $ | 73,820 |
Allowance for Loan Losses - The following table presents the activity in the Company's allowance for loan losses on residential mortgage loans held in securitization trusts for the six months ended June 30, 2018 and 2017, respectively (dollar amounts in thousands):
| Six Months Ended June 30,
| 2018 |  | 2017
Balance at beginning of period | $ | 4,191 |  |  | $ | 3,782 |
(Recovery of) provision for loan losses | (110 | ) |  | 207 |
Transfer to real estate owned | — |  |  | (6 | )
Charge-offs | (237 | ) |  | — |
Balance at the end of period | $ | 3,844 |  |  | $ | 3,983 |
On an ongoing basis, the Company evaluates the adequacy of its allowance for loan losses. The Company’s allowance for loan losses as of June 30, 2018 was $3.8 million, representing 554 basis points of the outstanding principal balance of residential loans held in securitization trusts, as compared to 541 basis points as of December 31, 2017. As part of the Company’s allowance for loan loss adequacy analysis, management will assess an overall level of allowances while also assessing credit losses inherent in each non-performing residential mortgage loan held in securitization trusts. These estimates involve the consideration of various credit related factors, including but not limited to, current housing market conditions, current loan to value ratios, delinquency status, the borrower’s current economic and credit status and other relevant factors. Real Estate Owned – The Company had real estate owned held in residential securitization trusts of $0.1 million at June 30, 2018 and December 31, 2017. Real estate owned held in residential securitization trusts are included in receivables and other assets on the accompanying condensed consolidated balance sheets and write downs are included in recovery of (provision for) loan losses in the accompanying condensed consolidated statements of operations for reporting purposes. All of the Company’s mortgage loans and real estate owned held in residential securitization trusts are pledged as collateral for the Residential CDOs issued by the Company. The Company’s net investment in the residential securitization trusts, which is the maximum amount of the Company’s investment that is at risk to loss and represents the difference between (i) the carrying amount of the mortgage loans, real estate owned and receivables held in residential securitization trusts and (ii) the amount of Residential CDOs outstanding, was $4.9 million and $4.4 million as of June 30, 2018 and December 31, 2017, respectively. Delinquency Status of Our Residential Mortgage Loans Held in Securitization Trusts As of June 30, 2018, we had 24 delinquent loans with an aggregate principal amount outstanding of approximately $15.0 million categorized as residential mortgage loans held in securitization trusts, net, of which $6.7 million, or 45%, are under some form of temporary modified payment plan. The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, including real estate owned (REO) through foreclosure, as of June 30, 2018 (dollar amounts in thousands): June 30, 2018
Days Late | Number of Delinquent Loans |  | Total Unpaid Principal |  | % of Loan Portfolio
30 - 60 | 1 |  | $ | 311 |  |  | 0.45 | %
61 - 90 | 1 |  | $ | 170 |  |  | 0.24 | %
90 + | 22 |  | $ | 14,481 |  |  | 20.82 | %
Real estate owned through foreclosure | 1 |  | $ | 118 |  |  | 0.17 | %
As of December 31, 2017, we had 26 delinquent loans with an aggregate principal amount outstanding of approximately $16.5 million categorized as residential mortgage loans held in securitization trusts, net, of which $10.2 million, or 62%, are under some form of temporary modified payment plan. The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, including REO through foreclosure, as of December 31, 2017 (dollar amounts in thousands): December 31, 2017
Days Late | Number of Delinquent Loans |  | Total Unpaid Principal |  | % of Loan Portfolio
30 - 60 | 1 |  | $ | 203 |  |  | 0.26 | %
61 - 90 | 1 |  | $ | 173 |  |  | 0.22 | %
90 + | 24 |  | $ | 16,147 |  |  | 20.80 | %
Real estate owned through foreclosure | 1 |  | $ | 118 |  |  | 0.15 | %
The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and REO held in residential securitization trusts as of June 30, 2018 and December 31, 2017 are as follows:
| June 30, 2018 |  | December 31, 2017
New York | 31.9 | % |  | 31.8 | %
Massachusetts | 19.5 | % |  | 20.7 | %
New Jersey | 13.0 | % |  | 11.9 | %
Florida | 9.4 | % |  | 8.8 | %
Connecticut | 7.7 | % |  | 7.3 | %
Maryland | 4.9 | % |  | 5.2 | %

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding three percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014 + Details
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